Ahmedabad civic body to ink Rs 7,000 crore realty MoUs

GANDHINAGAR: Ahmedabad Municipal Corporation (AMC) is set to ink MoUs worth Rs7,105 crore for realty projects at the Vibrant Gujarat Summit this year. Out of this, projects worth Rs 6,255 cr were either in the pipeline or were partly executed. Some of these projects were stalled post-demonetization, according to state urban development department officials.

According to the officials, some of these realty projects were announced soon after the new development plan for Ahmedabad was declared by AUDA in 2013.

There is an exception though. The Rs850 cr world’s largest cricket stadium at Motera was announced several months prior to the Vibrant summit by the Gujarat Cricket Association (GCA).

Some of the big proposals are for housing and commercial spaces. Ganesh Housing tops the charts with Rs1,600 crore worth of hotel, hospital and mall projects in Thaltej alone, one Mahika Infrastructure has pledged Rs1,500 crore worth of commercial space, mall and hotel in Vastrapur, while in Gulbai Tekra a slum redevelopment project worth Rs800 crore has been pledged by the Bakeri Group. The Bakeri Group had earlier proposed slum redevelopment for Gulbai Tekra and Vadaj in 2010.

“The real estate markets are down after demonetization. There has been a drop of 30% in initiating new projects across the state,” adds a senior urban development department official.